Wolverine Worldwide’s Q1 revenue is barely growing. The owner of well-known footwear brands like Merrell, Saucony, Keds, etc. reported Q1 2017 revenue increased 2.3% to $591.3-m.
But, in reality sales decreased by 4.8% “after taking into consideration the impact of the additional week of operations in the first quarter of fiscal 2017,” the company says in its press release. Up until the start of the 2017 fiscal year, the company’s quarterly results covered 12-week periods for the first three quarters and 16 or 17 weeks for the last. Now it reports in 13 week quarters (Q4 has 14 if needed).
On a currently neutral basis Q1 revenue is $593.8-m, up by 2%.
Between the beginning of 2017 and the end of Q1 on 1st of April, the company had closed down 180 stores as part of its Store Restructuring Plan. All of its Stride Rite and Track-N-Trail concept stores are now closed, enabling the company to liquidate about $20-m inventory in Q1.
For the rest of the 2017 financial year, Wolverine Worldwide expects revenue of $2.27-bn to $2.37-bn (remains the same as its original outlook), which will be a decline of about 9-5%.
Brands available locally and their SA distributors:
- Medicus Shoes: Cat Footwear, Harley-Davidson Footwear, Keds, Merrell, Sebago, and Sperry Top-Sider
- Omni Sport: Saucony
- Bar Global Trading: Bates and Wolverine
- Hush Puppies